People in their 70s and 80s are vulnerable to making decisions that lead to financial deprivation if they do not seek support, the Pensions Policy Institute (PPI) has said.

In its latest report, Supporting later life, the PPI underlined the complexity of retirement decisions, with many people finding it difficult to make choices that will best meet their needs over the course of later life.

It has called for more support going forward if later life outcomes are to be improved.

PPI senior policy researcher Lauren Wilkinson said: “For some people initiatives aimed at increasing engagement and fianancial capability will equip them to make more appropriate decisions. Advice and guidance also plays a vital role in supporting people while making these choices.

“However, most advice and guidance offerings currently focus on at-retirement decisions rather than ongoing support throughout later life. There is also a challenge around getting people to recognise the value of accessing advice and guidance. Changes to drawdown policy such as the introduction of investment pathways and requirement of an active decision to invest in cash are likely to improve outcomes for some retirees, but more support is likely to be needed going forward if later life outcomes are to improved further."

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